The last trading session on the Moscow Stock Exchange witnessed a remarkable positive performance, as several leadership shares supported by renewed purchasing momentum from both institutions and investors increased.
The scene may lead the share of Phosagro PJSC (MCX: Phor), along with both PIK SHB PJSC (MCX: PIKK) and Magnit PJSC (MCX: MGNT), which contributed to strengthening the most prominent Russian index Moex Russia in an atmosphere of relative optimism cautious in the markets.
Phosagro
The share of Phosagro, one of the most prominent players in the chemical fertilizer industry in Europe, jumped by 1.80%, adding 105 points to its balance to close at 5,932 rubles, and this rise reflects the confidence of investors in the company’s business model, which proved its flexibility in the face of global market fluctuations, especially in light of the continued demand for phosphate fertilizer products amid the challenges of global supply chains.
Technical analysis indicates that the stock exceeded a pivotal resistance level at the limits of 5,850, which supports a scenario continuing to climb towards 6,000 levels and 6,150 rubles in the short term, especially if high trading volumes continue.
PIK
PIK SHB shares continued its positive performance to close by 1.46% or 7.20 points, stable at 501.00 rubles, and the company is one of the most prominent residential real estate developers in Russia, and has recently benefited from the improvement of local demand for government -backed housing, in addition to announcing new projects in Moscow and its suburbs.
On the technical level, the stock broke the 500 rubles, an important psychological level that may support the continuation of the heights towards 520-530 rubles, unless strong resistors appear in the short term.
Magnit
As for the arrow of Magnit PJSC, it increased by 1.23% or 54.50 points to close at 4,470.00 rubles, and this rise was supported by positive reports on the company’s expansion of digital services and delivery, as well as improving profitable margins amid the stability of food prices.
The stock is close to a resistance area at 4,500, and if it is firmly penetrated, we may see a rapid move towards 4,650 levels and 4,700 rubles, with the support of increasing attention by institutional investors.
A comprehensive vision of the market
Cautious optimism is still the most prominent feature in the Russian market, especially with the continuing geopolitical factors and internal economic challenges, but the latter’s movements indicate that investors are gradually returning towards leadership stocks with strong basics, and if this pace continues to be a purchasing momentum, the MEX Russia index may witness a bullish stable move in the coming weeks.
